Product Safety

Recall
A recall is an action taken by a manufacturer to remove a defective product from the market that could potentially cause harm or does not meet regulatory standards. The recall process involves notifying customers and arranging for the return, repair, or replacement of the product. This corrective action can be initiated voluntarily by the manufacturer or mandated by government authorities, particularly when safety concerns are involved.
Recall Campaign
A coordinated advertising effort by a manufacturer to notify all owners of a particular product that it should be returned to the manufacturer. It can include mass-media advertising as well as direct mailings.
Social Accounting Issues
Social accounting issues encompass the various impacts an organization has on society, internally and externally, through initiatives such as charitable donations, education sponsorships, product safety, community involvement, environmental conservation, and the employment of disadvantaged groups.
Underwriters Laboratories, Inc. (UL)
Underwriters Laboratories, Inc. (UL) is a private organization that performs a wide range of product safety tests on fire-protective equipment, electric and heating appliances, wiring, and building materials. The organization certifies products for safety standards and labels them accordingly after successful testing.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.